As part of a series of announcements during Philadelphia Solar Week, the Philadelphia Energy Authority, Greenworks Lending, and the Capers Company LLC announced the financial close of the first project in Pennsylvania to use Commercial Property-Assessed Clean Energy (C-PACE) financing for a renewable energy project.
The Capers Company is borrowing $519,020 in C-PACE financing from Greenworks Lending to install a 212-kW solar system. The project will generate 266,673 kWh in its first year, meeting nearly 100% of the building’s electricity needs.
Under the leadership of Councilmember Derek S. Green (At Large), Philadelphia City Council passed legislation enabling C-PACE in Philadelphia in June 2019. “We saw C-PACE as a tool to open up new markets for clean energy investments in our City,” said Green. “This solar project proves that C-PACE does just that.”
“We feel it is most suitable that this project benefits a building that caters to the care of children, supporting them now and with the goal of leaving a better earth for them,” said William Capers, principal of the Capers Company.,
“Solar can immediately help decrease a building’s operating expenses while lowering its carbon footprint and has been a key piece of the Greenworks story since we started,” said Jessica Bailey, Greenworks CEO and co-founder. “C-PACE finance offers a powerful solution to build these projects where they might not otherwise have made fiscal sense.”